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Stevanato Group Announces Agreement With BARDA for the Expansion of Vial Production to Create Industrial Base Capabilities for National Defense
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Rhea-AI Summary
Stevanato Group (NYSE: STVN) has secured approximately $95 million from the Biomedical Advanced Research and Development Authority (BARDA) to enhance vial production at its Fishers, Indiana facility. This funding aims to strengthen U.S. capabilities for addressing public health emergencies by expanding the company's manufacturing capacity for standard and EZ-Fill® vials. CEO Franco Moro emphasized that this investment will bolster the U.S. pharmaceutical supply chain and scaling operations in a critical market.
Positive
Secured $95 million funding from BARDA to enhance production capabilities.
Expansion of manufacturing capacity for standard and EZ-Fill® vials in Indiana.
Investment aligns with U.S. national defense and public health emergency preparedness.
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Company to receive $95 million to expand vial production in the United States
PIOMBINO DESE, Italy--(BUSINESS WIRE)--
Stevanato Group (NYSE: STVN), a global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries, announced today that its subsidiary, OMPI of America Inc., entered into an agreement to support the Biomedical Advanced Research and Development Authority (“BARDA”, part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services through its partnership with the Department of Defense’s Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense and Army Contracting Command) pursuant to which BARDA has agreed to provide up to approximately $95 million to Stevanato Group.
(Photo: Business Wire)
Under the agreement, Stevanato Group has agreed to expand its planned manufacturing capacity in Fishers, Indiana, for both standard and EZ-Fill® vials. BARDA’s financing is intended to strengthen domestic capabilities in the U.S. for national defense readiness and preparedness programs for current and future public health emergencies. In addition, Stevanato Group has agreed to provide priority access to designated BARDA vaccine and drug development partners, when necessary.
Franco Moro, Chief Executive Officer of Stevanato Group, said, “We are honored to have been selected by BARDA for this important investment which we believe will help fortify the U.S. pharmaceutical supply chain to meet the demands for current and future public health emergencies. We believe this investment will rapidly accelerate and scale Stevanato Group’s capacity in Indiana and further expand our growth in this key strategic market.”
Through the agreement with BARDA under the American Rescue Plan Act of 2021, Stevanato Group has agreed to expand its production capacity in Indiana for standard and EZ-Fill® vials to be utilized with BARDA and its affiliate partners’ for current and future pandemic vaccines. Stevanato Group’s patented EZ-Fill® platform offers increased flexibility, faster time to market, enhanced quality and lowers the total cost of ownership for customers.
Franco Stevanato, Executive Chairman of Stevanato Group, added, “This agreement confirms our strong reputation, the importance of our primary packaging solutions, and further confirms our strategic approach in the United States to invest and broaden our product offering. We stand ready to support the U.S. government in its efforts to combat public health emergencies and support the American people.”
This project has been supported in whole or in part with federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under Contract Number W58P05-22-2-0005.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. The Group delivers an integrated, end-to-end portfolio of products, processes and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation and its engineering excellence are central to its ability to offer value added solutions to clients. To learn more, visit stevanatogroup.com.
Forward-Looking Statements
This press release may include forward-looking statements. The words "expects", “planned”, "intended", “believe”, and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the investments the Company expects to receive, the expansion of manufacturing capacity, the Company’s plans regarding its presence in the U.S. market, business strategies, the Company’s capacity to meet future market demands and support preparedness for future public health emergencies, and results of operations. The forward-looking statements in this press release are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. In particular, the Company may determine not to conduct a registered initial public offering in the time frame that it currently expects or at all, due to a number of potential important factors, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments in the Company’s business, or unfavorable or regulatory developments. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the company assumes no obligation to update any such forward-looking statements.
What is the significance of the $95 million funding for Stevanato Group (STVN)?
The $95 million funding from BARDA will help Stevanato Group enhance its vial production capabilities, supporting U.S. public health emergency preparedness.
How will Stevanato Group (STVN) utilize the funds from BARDA?
Stevanato Group will use the funds to expand manufacturing capacity for standard and EZ-Fill® vials at its Fishers, Indiana facility.
What is the impact of the BARDA agreement on Stevanato Group's (STVN) operations?
The BARDA agreement is expected to accelerate Stevanato Group's operations in Indiana, enhancing its ability to meet demands for public health emergencies.
When was the agreement between Stevanato Group (STVN) and BARDA announced?
The agreement between Stevanato Group and BARDA was announced on the date of the press release, which was March 1, 2022.
